90

CORPORATIONS. [ART. 26.

Powers and
duties of
lecelvers.

190. Where receivers of the estate or effects of any
corporation shall be appointed by a court, upon or
before the dissolution of any corporation, they shall
be vested with all the estate and assets of every kind
belonging to such corporation from the time of their
qualifying as receivers, and shall be trustees thereof for
the benefit of the creditors of such corporation and its
stockholders; and they shall proceed to wind up the
affairs of such corporation, under the direction of the
court by which they shall have been appointed, and
shall have all powers which shall be necessary for that
purpose.

What sales, &c
void.

, 191. All sales, assignments, transfers, mortgages, or
other dispositions or conveyances of any part of the
assets of the corporation, made after the filing of a bill
for a dissolution thereof, under the provisions of this
article, and all judgments confessed by said corpora-
tion, after that time shall be absolutely void as against
the said receivers.

Liability of
stockholders.

192. No dissolution of any corporation shall relieve
its stockholders from the obligations and liabilities
imposed on them by the fifty-ninth section of this
article, and if the said corporation shall be dissolved
before its capital stock shall have been paid in, the
liability of its stockholders shall continue to the recei-
vers or to the creditors of the corporation who were
such prior to its dissolution, in all respects, as if the
same had not been dissolved.

Trustees for
creditors and
stockholders.

193. Upon the dissolution, in any manner not other-
wise provided for, of any corporation created or to be
created under the laws of this state, and unless other
persons shall be appointed by some court of competent
authority, the directors or managers of the affairs of the
corporation at the time of its dissolution, by whatever .
name they may be known in law, shall be the trustees
of the creditors and stockholders of the corporation dis-

Their powers.

solved, and shall have full power to settle the affairs of
the corporation, and to pay its debts, and shall divide
among the stockholders the moneys and other property
that shall remain' after the payment of the debts and